Other Online Financial Resources
MySmartFinances.com recommends the following online financial resources for your family’s financial health.
Buyer Beware: Tips from the FDIC on How to Protect Against Foreclosure Frauds, Easy Money Schemes and Other Costly Deals-NEW
Other topics in the latest FDIC Consumer News include the extension of $250,000 deposit insurance, more about mortgage modification programs, and shopping for a CD
Many people concerned about their mortgage, their job or their finances may be especially vulnerable to scams and other costly “fixes” for their problems. The Federal Deposit Insurance Corporation today issued a variety of tips to help consumers be on guard financially in the current economy, in areas ranging from foreclosure rescue and loan modification scams to deceptive offers of FDIC-insured certificates of deposit (CDs). The advice was published in the Spring 2009 issue of FDIC Consumer News, the agency’s quarterly newsletter for consumers, which can be read or printed online at www.fdic.gov/consumers/consumer/news/cnspr09.
Other timely articles describe the extension of the temporary federal deposit insurance limit of $250,000 per depositor through December 31, 2013, more details about the Obama Administration’s program for lowering monthly mortgage payments through refinancing opportunities and loan modifications; various tips on shopping for a CD; and an FDIC legal opinion clarifying the deposit insurance coverage of a pre-paid card if the bank holding the money for the card fails.
The FDIC encourages financial institutions, government agencies, consumer organizations, educators, the media and anyone else to help make the tips and information in FDIC Consumer News widely available. The publication may be reprinted in whole or in part without advance permission. Organizations also may link to or mention the FDIC Web site. See the Web site above for more details.
The goal of FDIC Consumer News is to deliver timely, reliable and innovative tips and information about financial matters, free of charge. Current and past issues, including special editions, are online at www.fdic.gov/consumernews.
Please forward this e-mail to anyone else you think would be interested in reading FDIC Consumer News or learning about the FDIC’s other products and services for consumers. Others wishing to subscribe to this free online delivery service should follow instructions posted on the FDIC Web site at www.fdic.gov/about/subscriptions/index.html.
FDIC Introduces a Portable Audio (MP3) Version of the Money Smart Financial Education Curriculum-NEW
The Federal Deposit Insurance Corporation (FDIC) has released the Money Smart Podcast Network, the portable audio (MP3) version of the award-winning Money Smart financial education. The new version of Money Smart is suitable for use with virtually all MP3 players so that consumers of all ages can learn to make informed and prudent financial decisions while "on the go."
"Innovations and new product offerings make financial education even more important than ever. Just as products innovate, delivery channels for financial education must innovate, said FDIC Chairman Shelia C. Bair. "The new audio version of Money Smart is a tool for consumers to learn on their own, and it is also a tool for educators seeking an innovative way to supplement traditional classroom instruction."
With verbal descriptions and topic based scenarios, the audio version of Money Smart utilizes detailed dialogue to convey basic critical financial information. These segments are grouped into four general categories. The release of the Money Smart Podcast Network is part of the FDIC's ongoing effort to integrate the unbanked and underbanked into the financial mainstream.
The Money Smart Podcast Network was released at the University of the District of Columbia (UDC). UDC is a Historically Black College and University and the only urban public land grant institution in the nation. UDC's Cooperative Extension Service already delivers the instructor-led version of Money Smart to low-and moderate-income Washington, DC residents, and will be the FDIC's first partner in distributing the MP3 version of Money Smart to consumers. According to Jackie Boynton, Vice President of Marketing, Communications, and Alumni Relations at UDC, "We are pleased to be the first partner of this extremely important financial initiative and are looking forward to continuing to partner with the FDIC on other initiatives such as this one."
The portable audio version of Money Smart is available free of charge, easily reproduced, and has no copyright restrictions. For more information, or to order copies, visit: www.fdic.gov/moneysmart.
The Money Smart curriculum brings proven results in how those who complete the curriculum manage their finances. Over two million consumers have had the opportunity to learn how to better manage their finances and more effectively use mainstream banking services through the Money Smart curriculum.
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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 8,246 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). MSPR-1-2009
New Website for Homeowners Seeking Relief
The Department of the Treasury and the Department of Housing and Urban Development offers a new Web site for consumers seeking information about the Making Home Affordable loan modification and refinancing program. The site -- www.MakingHomeAffordable.gov -- offers interactive self-assessment tools to help borrowers determine if they are eligible to participate and calculate the monthly mortgage payment reductions under the program.
Financial Advice
ABA Consumer Connection
The Consumer Connection is your one-stop source for information and advice on banking and personal finance, brought to you by the American Bankers Association Education Foundation. ABA Consumer Connection
Hands on Banking
Hands on Banking is a free, fun financial education program that presents the basics of smart money management in an easy-to-use format. Topics include budgeting, the importance of saving, bank accounts and services, borrowing money and establishing credit, investing and more. The curriculum is customized for four age groups from 4th grade through adults. Hands on Banking
Fraud Protection
FDIC Consumer Protection Website.
Find resources provided by the FDIC to educate and protect consumers, revitalize communities, and promote compliance with the Community Reinvestment Act and fair lending laws. FDIC-Consumer Page
FTC Consumer Protection
This section of the FTC website offers practical information on a variety of consumer topics. The information here can help you avoid rip-offs and exercise your consumer rights. Federal Trade Commission Consumer Protection
Home Ownership
National Association of Home Builders
For aspiring home owners who find their goal stubbornly elusive, newly enacted legislation providing a tax credit of as much as $7,500 for first-time home buyers might just be the opportunity of a lifetime. Click here for more information from the Federal Housing Tax Credits.
FannieMae
This site offers content, tools, and resources -- all in one convenient portal. You'll also find downloadable, easy-to-read files of several Fannie Mae brochures, enhanced search tools to locate Fannie Mae's lender partners, and a process to review mortgage solutions. FannieMae Homepath
HUD
HUD's mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination. This site contains state by state resources as well as information on the homebuying process and working with Department of Housing and Urban Development. HUD
Iowa Mortgage Association
The IMA is a statewide organization dedicated to representing the housing and mortgage financing initiatives in the state of Iowa. IMA members are dedicated to ongoing mortgage education, seminars and volunteer activities for the benefit of Iowa homeowners. Iowa Mortgage Association
Iowa Attorney General
A pilot project from the Iowa Attorney General’s office aims at avoiding a flood of subprime mortgage foreclosures in Iowa. Iowans facing a mortgage foreclosure should call 877-622-4866 (toll-free) to reach the Iowa Mediation Service. Iowa Mediation Service will take information from borrowers and then explore if a loan modification might work for both the borrower and lender. More information click here. Attorney General’s Website
Iowa Home Ownership Education Project
There are numerous non-profit agencies that provide confidential financial guidance, free consumer credit counseling services and educational resources to Iowans. To find a financial counseling agency in your area, see the Iowa Home Ownership Education Project's Membership directory to search for a provider in your county.www.ihoep.com
Home Loan Learning Center
The HomeLoanLearningCenter.com provides step-by-step information on how to become financially literate. Armed with the facts, your next move could be into your own home. Learn about credit reports and scores; the true cost of owning a home; and how to compare the costs of owning versus renting a home. The Web site provides in-depth, easy-to-read home loan product information in the All About Mortgages section, which includes information on how to qualify for a loan, what the documents mean, what's in the mortgage payment and mortgage calculators to help consumers plan their payments. www.homeloanlearningcenter.com
